Bankruptcy May Be An Option

Bankruptcy is designed to help you get out from under the burden of your debts. To protect your property, lower your stress level and let you start sleeping again, and to regain control of your financial future.

Nobody can tell you whether or not bankruptcy will work for you. However, Florida bankruptcy attorney Matthew Mazur, Esq. can help you decide whether to file based on your current financial picture. Some reasons to consider filing bankruptcy include inability to pay monthly minimums, impending foreclosures or property seizures due to non-payment, and/or inability to pay off debt due to adverse financial circumstances such as the death of a partner, a severe illness, or a lost job.

The following is some useful information on the two most common types of bankruptcy, Chapter 7 and Chapter 13 Bankruptcy.

Chapter 7 Bankruptcy

A Chapter 7 bankruptcy, also known as a “Straight Bankruptcy” or a “Liquidation Bankruptcy” allows you to discharge your debts. What does “discharge” mean? Quite simply, it means that you can get rid of your debts, not pay them back and keep almost everything you own as per state exemptions. Often you will have to pay back very little and keep all of your property. A Chapter 7 Bankruptcy, in most instances, gives a family a chance to start over again without the burden of bills. A Chapter 7 allows you to have a clean slate and even buy property again.

To fully understand Chapter 7 Bankruptcy, you need to be well informed. It was created so that people in severe financial hardship would not have to suffer forever. It gives them the opportunity to obtain a clean slate and start over and build a credit history they deserve.

Not everyone qualifies for a Chapter 7 Bankruptcy. You must pass what is called the “Means Test.”

If you do not qualify for a Chapter 7 Bankruptcy, all hope is not lost. A Chapter 13 Bankruptcy (Court Ordered Payment Plan) is still a viable option. A Chapter 13 Bankruptcy can still make your life much better than it is right now if you are behind on payments, being harassed by debt collectors, and worried about your financial future.

Chapter 13 Bankruptcy

A Chapter 13 Bankruptcy, also known as a “reorganization,” is basically a court ordered payment plan for your creditors. Under a Chapter 13 Bankruptcy you keep your property and agree to a three to five-year repayment plan for some of your debt. If you follow the plan, the remainder of your unsecured debt will be eliminated. A Chapter 13 Bankruptcy is usually a better option if you have fallen behind on your house payment because the repayment plan allows you to catch up those payments and avoid foreclosure, and repossession. Under a Chapter 13 Bankruptcy, all of your debts, with a few very limited exceptions, are paid inside the court ordered payment plan, so you would not keep making payments on them after you file your Chapter 13 Bankruptcy.

When you make the decision to file your Chapter 13 Bankruptcy you are starting to regain control of your financial future. On the day that you retain Matthew Mazur, P.A. to represent you for your Chapter 13 Bankruptcy, you can tell all of the bill collectors and creditors to contact us and to stop contacting you. What would it be like not to worry every time the phone rings or every time there is a knock at the door? How would it feel to know that all of the harassment was going to stop?

When you retain Matthew Mazur, Esq. I will take care of all of those phone calls and threatening letters for you. From the day you retain our me, you will not have to worry about being harassed by your creditors, because they have to talk to me now. I will put them on notice immediately that I represent you and that they should stop contacting you. This will result in a significant reduction in the stress in your life.